Tech e& subsidiary buys majority stake in Beehive for $24m By Pramod Kumar August 1, 2023 e& Beehive will be consolidated into e&’s financials as of August 2023 e& enterprise, a subsidiary of the UAE’s telecom major e&, has acquired a majority stake in Dubai’s online peer-to-peer lending platform Beehive. The company bought 63.3 percent of Beehive for $23.6 million, according to a statement from e& – formerly known as Etisalat – published on the Abu Dhabi Securities Exchange. “Beehive will be consolidated into e&’s financials effective from August 2023,” the telco added. In May, e& enterprise signed a binding agreement to acquire a majority stake in Beehive, which was founded in 2014 and is based in the Dubai International Financial Centre. Under the terms of the agreement, e& enterprise was to acquire 61 to 69 percent of Beehive at an enterprise value of $35 million through a combination of both primary capital injection and acquisition of existing shares. Last month e& confirmed that it was considering buying a stake in Ethio, a state-controlled operator in Ethiopia. The Abu Dhabi-based company said in a filing to the stock exchange that it was “at an early stage” of assessing a bid.
